Bharat Forge signs Rs 1000-crore investment deal with Tamil Nadu

Baba Kalyani aims for an ambitious Rs 20,000 crore revenue target in two years

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Shares of Bharat Forge Ltd gained nearly 3 percent after the company announced a partnership with the Tamil Nadu government to invest up to Rs 1,000 crore over the next five years for expanding its manufacturing operations in the state.

The company signed a non-binding MoU with the Tamil Nadu government during its global investor meet on January 8. This MoU doesn't significantly affect the company's operations. Further updates will be shared by the company in due course, it said.

At 11.35am, the stock was trading at Rs 1,289 on the BSE, up 2.6 percent from its previous close, while India's benchmark Sensex rose 0.77 percent to 71,901 points.

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Bharat Forge's leadership, in a recent CNBC interview, highlighted a strategic approach to growth and diversification. They emphasised a focus on sustainable, high-quality ventures for long-term success. Chairman Baba Kalyani aims for an ambitious Rs 20,000-crore revenue target in two years. Additionally, he anticipates the defence sector could surpass their core business in size soon.

Amit Kalyani, Bharat Forge's joint managing director, emphasised a discerning approach to acquisitions, targeting businesses in India. He stressed the importance of choosing high-quality, well-managed companies and avoiding distressed businesses for future acquisitions. Kalyani stated, "Our acquisitions will be selective, focusing on quality and well-run businesses in India, steering clear of distressed ventures."

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